As a prosperous world power, America is undoubtedly a land of plenty. Indeed, the freedoms we enjoy as Americans afford many the opportunity to achieve the American Dream of obtaining a fortunate and comfortable lifestyle. While such freedoms are not free, they are often taken for granted and used irresponsibly by citizens who borrow and spend excessively — creating a financial burden on the entire country. In fact, the average American has around $6,000 in debt, according to Experian’s 2019 Consumer Credit Review. Here are some of the biggest factors that contribute to Americans having so much debt.
A Greater Access to Excess
From expensive tech gadgets and high-class fashion to luxury automobiles and the highest quality goods and services, America is first to gain access to the world’s latest extravagances. Many Americans citizens have grown accustomed to a standard of living that includes:
· Daily trips to health food stores and coffee shops
· Weekly dining at fast food chains and five-star restaurants
· Monthly subscriptions to dining, entertainment, and fitness services
· Annual vacations at high-priced resorts in distant locales
Such convenient and enticing indulgences carry a hefty price tag, which, at the end of the day, can add up to a considerable amount of debt if not paid off.
The Desire to Fit In
Whether it’s FOMO (Fear of Missing Out) or YOLO (You Only Live Once), modern Americans have an uncontrollable need to keep up with the Joneses and will spend whatever it takes to be involved in and ahead of the latest popular trends. Their insatiable desire to remain current will often result in Americans spending well beyond their means. Such frivolous, drastic, and competitive spending will only lead to an avalanche of debt.
An Abundance of Available Credit Options
Any American over the age of 18 can apply for a credit card and start borrowing money almost instantly. Many college-age students view such credit as free money and begin a lifetime of debt before they fully understand how to be a responsible borrower. Furthermore, American citizens who are gainfully employed can receive advances on their paychecks by obtaining a payday loan. These types of predatory lending, fast cash options are always debt traps — as they include steep interest rates, fees, and payment deadlines that are nearly impossible to manage.
Ways to Control Your Mounting Debt
If you are an American in debt, there are ways to combat it. The best way to get your finances under control is to budget and reduce your spending to only necessities like food, gas, and rent. To prevent your debt from spiraling, contact the professionals at Progressive Debt Relief. Our expert credit negotiators can help you settle your debt to a more manageable balance. For more information on our services, or to set up a free consultation, contact us today.
